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FY2017 Interim Results Briefing

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FY2017 Interim Results Briefing FY2017 Interim Results Briefing The Yokohama Rubber Co., Ltd. August 10, 2017 I am Masataka Yamaishi, President of Yokohama Rubber. 1 Regarding the fire at Yokohama Tire Philippines, Inc. (YTPI) First of all, I would like to report on the fire that occurred at the Yokohama Tire Philippines’ tire plant in May this year, and I would like to take this opportunity to once again express our sincerest apologies for the inconveniences and concerns this unfortunate event has caused to all concerned parties. 2 Plant Fire Details YTPI Information ■Location: Clark Freeport Zone in the Philippines ■Site area: 452,000m2 (building floor space: 205,000m2) Fire Details ■Time of outbreak: May 14 at about 3:00 p.m. local time; extinguished at about 11:00 p.m. ■Area affected: Approximately 17,400m2 in the northeast sector of YTPI’s East Plant. ■Damage summary: Partial damage to buildings and production facilities; destruction of products stored in a warehouse ああ Fire occurred ■Expected loss on FY17 accounts: About ¥5.0 in the outlined area billion Yokohama Tire Philippines is located in the Clark Freeport Zone on the island of Luzon. The plant’s tire output is primarily exported to Europe and the United States. The fire broke out at about 3:00 p.m. on May 14 and was completely extinguished by 11:00 p.m. that day. As shown in the diagram on this slide, the affected area was about a 17,400 square meter section the East Plant’s northeast sector. The fire damaged the building, production equipment, and on-site inventory. We expect to report damage-related losses of about ¥5.0 billion on our FY2017 accounts. The entire Yokohama Rubber Group is taking actions to strengthen our safety measures to ensure that such fires do not occur in the future. 3 Medium-term Management Plan “GD100” Phase IV 2015–2017 2017 is the Yokohama Rubber Group’s centennial year. It is also the final year of “GD100", our long-term strategic plan initiated in 2006. 4 FY2017 Interim Results & Issues for Management Next, I will provide a brief summary of our activities in first half of the final year of our “GD100” as well as the issues facing us and initiatives being taken as we prepare for Yokohama Rubber’s next 100 years. We plan to announce our first post-GD100 medium-term plan when we release FY2017 results next February. 5 2017 Earnings Performance (billion yen) Jan-Jun 2017 Jan-Jun 2016 % chg Net sales 310.8 268.1 +15.9% First- half Operating income 18.4 15.7 +16.8% Operating income margin 5.9% 5.9% 0% 2017 (forecast) 2016 % chg Net sales 660.0 596.2 +10.7% Full- year Operating income 50.0 42.3 +18.2% Operating income margin 7.6% 7.1% +0.5% In the first half of 2017, as announced the other day, we achieved year-on-year growth in sales and profits. We forecast sales will increase 10.7% year on year to ¥660.0 billion and operating income will expand 18.2% to ¥50.0 billion. The head of our accounting department will discuss these figures in more detail later. My presentation will focus on the initiatives being taken at each of our businesses. 6 Tires Let’s start with the Tire segment. 7 Tire Business Environment Global supply-demand conditions (Unit: million tires) Local demand < production capacity Local demand > production capacity North Latin Japan China India Other Asia America America Europe Global tire production生産量推移 volumes (Unit: million tires) Global tire sales volumes販売推移 (Unit: million tires) 2,000 2,000 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 800 800 600 600 400 400 200 200 0 0 North Latin North Latin Japan日本 China中国 Indiaインド その他アジア 北米 中南米 Europe欧州 ROW 日本Japan China中国 インドIndia Otherその他アジアAsia 北米 中南米 Europe欧州 ROW Other Asia America America America America Except for a setback during the 2008 global recession following the Lehman Shock, global tire demand has been on a steady upward trend for decades. However, the recent growth drivers have been China and Asia, which has tended to accelerate commoditization of the tire market. I would like to briefly explain our response to this management environment. 8 Yokohama Rubber’s Strength in Consumer Tires Technological prowess has produced top-class tires for every major passenger car category OE REP Snow REP Summer More than 200 sizes with Installed on premium cars Studless, mud & snow tires Japan tire labeling system’s “a” grade for wet grip performance For starters, allow me to introduce our strengths consumer tires, where we have developed top-class tires for each major product category, namely the OE (original equipment for new cars), REP Snow (replacement market snow tires) and the REP summer (replacement market summer tires). The world tire industry comprises more than 200 makers, but less than 20 of these companies, including Yokohama Rubber, are delivering tires to automakers in Japan, the US and Europe. An even smaller number of tire makers, again including Yokohama Rubber, supplies tires for the premium car market. In the REP Snow category, we have top-class tires for all subcategories, from stud and studless to mud and snow tires used on SUVs. In the REP Summer category, as of August 2017 we boast the world’s broadest product lineup, with 200 sizes, all of which have been awarded the ultimate “a” ranging for wet grip performance by Japan’s tire labeling system. Only a few of the world’s tire makers, including Yokohama Rubber, supply racing tires for the replacement tire market. Next, I would like to present the recent results and initiatives we are taking in each of these categories. 9 OE (Original Equipment for New Cars) Dissolution of alliance with Continental AG Enables us to respond independently to global production by Japanese automakers We won contract to supply OE tires for US-made Subaru Impreza Strong sales to China OE market Stricter fuel-efficiency standards raise required tire performance levels Winning new OE contracts for high-value-added tires helped drive up 1H sales Suzhou Yokohama Tire plant We steadily expanded our OE sales in the first half. We are now supplying OE tires for use on many popular Japanese models in foreign markets, such as the SUBARU XV, Mazda CX-5 and the Toyota Vitz (Yaris). In March 2016, we dissolved our tie-up with Germany’s Continental AG. The dissolution enables us to independently pursue business with Japanese automakers in countries and regions where the tie-up previously prevented us from acting on our own. The first big result to emerge from this change was our winning a contract last year to supply OE tires for Subaru Imprezas made in the United States. Meanwhile, China’s increasingly strict automobile fuel-efficiency standards are raising required tire performance levels, which in turn is bringing us more enquiries from Chinese automakers for our fuel-efficient tires. Against this backdrop, stronger OE demand for our high-performance tires helped drive up our sales in China during the first half. 10 Replacement (REP) Tires Steady stream of new products in 1H and 2H 2017 REP Snow REP Summer ■ iceGUARD 6 ■ GEOLANDAR M/T G003 ■ iceGUARD iG65 ■ BluEarth-Es ES32 ■ BluEarth＊WINTER V905 ■ BluEarth RV-02 ■ ADVAN HF Type D ■ YOKOHAMA A008P Winter tire for Fuel- For crossover Studless Studded For SUVs & SUVs & efficient SUVs & Re-releases of past hit products pickup passenger cars standard minivans trucks Next, let's look at our recent initiatives in the REP Snow and REP Summer categories. In the REP Snow category, we soon will be launch several new products, including the studless iceGUARD 6, the studded iceGUARD iG65, and the BluEarth＊WINTER V905, a winter tire for both passenger cars and SUVs. Meanwhile, first-half rollouts of new REP Summer tires in Japan and overseas included the GEOLANDAR M/T G003 for SUVs and pickup trucks, the fuel-efficient BluEarth-Es, and the BluEarth RV-02 for crossover SUVs and minivans. We will also re-release two big hits from the past, the ADVAN HF Type D and the YOKOHAMA A008P. 11 Replacement (REP) Tires Chelsea FC effect enhancing our presence around the world Entered 5-year partnership from July 2015 Tire sales have increased in Europe and Asia 2016-2017 season Premier League champions More frequent live TV broadcasts as Chelsea battled for the league championship greatly increased media exposure for the YOKOHAMA logo. Along with new product introductions, we have been actively promoting our company image via the five-year sponsorship agreement signed in 2015 with Chelsea FC of the English Premier League. This past season, Chelsea captured the league championship. Our connection with the team is beginning to increase our tire sales in England and other European countries as well as in Asian countries, such as Thailand. 12 Replacement (REP) Tires ALLIANCE brand passenger car tire sales launched in Europe this May Representative brand of ATG, which has strong brand recognition throughout Europe Sale of ALLIANCE brand passenger car tires ▶ Strengthening competitive position ALLIANCE brand passenger car tire outside of major tire categories New Chelsea uniform also features ALLIANCE logo We have expanded our approach to the replacement tire market in Europe by launching the ALLIANCE brand as a second brand of passenger car tires from the YOKOHAMA Group. ALLIANCE is the commercial tire brand of the Alliance Tire Group, which we acquired in 2016. From this May we began using the same brand name for passenger car tires targeted at the European market.
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